While the average data breach cost companies $7.2 million last year, the number of businesses purchasing cyber insurance in the U.S. increased 33% with coverage levels growing by 20% to $16.8 million, according to a Marsh study entitled "Benchmarking Trends: More Companies Purchasing Cyber Insurance."

"A cyber-attack outage means lost data and customer information and a resulting loss of productivity and revenue, which can cause reputational damage for a business and loss of corporate profitability," said Kimmel.

--Written by Juliette Fairley

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